Westward Investments Limited, a company which is owned by a discretionary trust of which Adonis Pouroulis (Non-Executive Director) is one of a number of beneficiaries, has indicated its intention to participate in the Placing at a minimum value of US$1 million (£585,000).
I guess we now know what our joint brokerage have been bought on board to do !
That was quick.... " Commercial terms have been concluded with a third party to fund 50% of this seismic programme to earn 25% equity in the licences with documentation of these terms currently being negotiated. An additional partnering process has been initiated on this acreage to further mitigate risk and share capital investment. "
The rns yesterday about the placing states that starting date for the placing was after the rns last night and the closing date was 4.30 pm to day the 22nd July. With payment to be made by the placees by closing to day. So this is a done deal, just need to wait for the rns about the price , find out who the new institutional shareholders are and try to figure out where the new opportunity is and in what block will they be posting a bank guarantee to guarantee drilling .
Great post - common sense prevails. Behind this need for speed (given we are cash rich and sitting at cash) is something far bigger than any of us know. Larry and co are prudent guys .. And more II ownership is definitely what the doctor ordered. sitting at cash plus more cash at this level does not equal dilution.. It's just more cash to crack on with something good .. Tick tock .. We are getting there ... Now things really are getting exciting !
at little over 50 million shares for8.8 million pounds - lets see hhhmmm looks like 17.5p to me.
lets look at the share price ...17.5p.
the news and the views are whats going to take this up or down. It doesnt look like they are getting sold at a discount or a premium - but it will increase liquidity.. and more importantly for the Pi's it will increase the holding by ii which is one step that should be recognised positively. I am sure they will be relatively long too.
Perhaps the immediate deal Char want to strike could be a game changer. Otherwise you just dont dive into these things.
Char dont burn cash - no need so it is not needed for the running of the business.
.....Come on Nat tweet something like that boy Lenigas
we will write it for you - great news on the funding..wait till you see what we've got in store - we can write the next ones too... all the funding in place news coming soon....the new ii's are over the moon with the potential... just off a call from mearsk.... and so on and so forth...
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